| Lines-Of-Credit And Notes Payable |
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As of |
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|
September 30, 2022 |
|
December 31, 2021 |
|
|
Balance |
|
Interest Rate |
|
Carrying Amount of Pledged Assets |
|
Balance |
|
Interest Rate |
|
Carrying Amount of Pledged Assets |
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|
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|
Fifth Third Syndicated LOC |
|
$ |
20,000 |
|
4.86% |
|
$ |
29,875 |
|
$ |
10,000 |
|
2.25% |
|
$ |
21,243 |
Fifth Third Syndicated Term Loan |
|
|
97,500 |
|
5.40% |
|
|
145,640 |
|
|
88,125 |
|
2.25% |
|
|
187,207 |
Unamortized debt issuance costs |
|
|
(1,197) |
|
|
|
|
|
|
|
(1,000) |
|
|
|
|
|
Total |
|
$ |
116,303 |
|
|
|
$ |
175,515 |
|
$ |
97,125 |
|
|
|
$ |
208,450 |
|
| Receivable-Backed Notes Payable |
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|
|
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As of |
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|
September 30, 2022 |
|
December 31, 2021 |
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|
Debt Balance |
|
Interest Rate |
|
Principal Balance of Pledged/Secured Receivables |
|
Debt Balance |
|
Interest Rate |
|
Principal Balance of Pledged/Secured Receivables |
Receivable-backed notes
payable - recourse: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty Bank Facility |
|
$ |
5,000 |
|
5.00% |
|
$ |
8,190 |
|
$ |
5,000 |
|
3.00% |
|
$ |
7,198 |
NBA Receivables Facility |
|
|
10,000 |
|
5.37% |
|
|
18,767 |
|
|
10,000 |
|
3.00% |
|
|
15,396 |
Pacific Western Facility |
|
|
6,600 |
|
5.62% |
|
|
11,216 |
|
|
7,500 |
|
3.00% |
|
|
11,265 |
Total |
|
|
21,600 |
|
|
|
|
38,173 |
|
|
22,500 |
|
|
|
|
33,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivable-backed notes
payable - non-recourse: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty Bank Facility (1) |
|
$ |
6,161 |
|
5.00% |
|
$ |
10,092 |
|
$ |
17,965 |
|
3.00% |
|
$ |
25,864 |
NBA Receivables Facility (2) |
|
|
8,053 |
|
5.37% |
|
|
15,113 |
|
|
18,910 |
|
3.00% |
|
|
29,114 |
Pacific Western Facility (3) |
|
|
— |
|
— |
|
|
— |
|
|
16,906 |
|
— |
|
|
25,394 |
Syndicated Warehouse Facility |
|
|
— |
|
— |
|
|
— |
|
|
42,994 |
|
— |
|
|
53,623 |
Quorum Purchase Facility |
|
|
15,022 |
|
4.95-5.10% |
|
|
17,488 |
|
|
19,425 |
|
4.95-5.10% |
|
|
22,690 |
2013 Term Securitization |
|
|
— |
|
— |
|
|
— |
|
|
6,023 |
|
3.20% |
|
|
6,965 |
2015 Term Securitization |
|
|
9,350 |
|
3.02% |
|
|
10,337 |
|
|
14,163 |
|
3.02% |
|
|
15,009 |
2016 Term Securitization |
|
|
17,956 |
|
3.35% |
|
|
19,898 |
|
|
24,727 |
|
3.35% |
|
|
27,166 |
2017 Term Securitization |
|
|
28,873 |
|
3.12% |
|
|
32,872 |
|
|
37,430 |
|
3.12% |
|
|
42,452 |
2018 Term Securitization |
|
|
42,792 |
|
4.02% |
|
|
49,031 |
|
|
53,919 |
|
4.02% |
|
|
61,269 |
2020 Term Securitization |
|
|
73,794 |
|
2.60% |
|
|
84,631 |
|
|
91,922 |
|
2.60% |
|
|
105,023 |
2022 Term Securitization |
|
|
152,045 |
|
4.60% |
|
|
171,958 |
|
|
— |
|
— |
|
|
— |
Unamortized debt issuance costs |
|
|
(5,534) |
|
|
|
|
|
|
|
(4,230) |
|
|
|
|
|
Total |
|
|
348,512 |
|
|
|
|
411,420 |
|
|
340,154 |
|
|
|
|
414,569 |
Total receivable-backed debt |
|
$ |
370,112 |
|
|
|
$ |
449,593 |
|
$ |
362,654 |
|
|
|
$ |
448,428 |
(1)Recourse on the Liberty Bank Facility is generally limited to $5.0 million, subject to certain exceptions.
(2)Recourse on the NBA Receivables Facility is generally limited to $10.0 million, subject to certain exceptions.
(3)Recourse on the Pacific Western Facility is generally limited to $7.5 million, subject to certain exceptions.
|
| Junior Subordinated Debentures Outstanding |
Financial data relating to the Company’s junior subordinated debentures as of September 30, 2022 and December 31, 2021 was as follows (dollars in thousands):
|
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|
|
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|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
|
|
|
|
Effective |
|
|
|
Effective |
|
|
|
Carrying |
|
Interest |
|
Carrying |
|
Interest |
|
Maturity |
|
Amounts |
|
Rates (1) |
|
Amounts |
|
Rates (1) |
|
Years (2) |
Woodbridge - Levitt Capital Trusts I - IV |
$ |
66,302 |
|
6.05-6.58% |
|
$ |
66,302 |
|
3.93 - 4.07% |
|
2035 - 2036 |
Bluegreen Statutory Trusts I - VI |
|
104,595 |
|
7.10-7.63% |
|
|
104,595 |
|
4.93 - 5.12% |
|
2035 - 2037 |
Unamortized debt issuance costs |
|
(932) |
|
|
|
|
(985) |
|
|
|
|
Unamortized purchase discount |
|
(34,233) |
|
|
|
|
(34,972) |
|
|
|
|
Total junior subordinated debentures |
$ |
135,732 |
|
|
|
$ |
134,940 |
|
|
|
|
(1)The junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.8% to 4.9%
(2)As of September 30, 2022 and December 31, 2021, all of the junior subordinated debentures were eligible for redemption by the Company.
|